Century Bank
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Deal Overview

Buyer:
Century Bancorp, Inc.
Actual Acquirer:
Century Bank and Trust Company
Target:
Haymarket Co-operative Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
12/11/1997
Announcement Date:
12/11/1997
Announced Deal Value ($ M):
20.00
Status:
Completed
Completion Date:
6/11/1998
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 20.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 126.0 117.7
Price / Tangible Book (%) 126.0 117.7
Price / Earnings (x) 7.0 9.4
Price / Deposits (%) 14.96 16.67
Price / Assets (%) 13.11 14.09
Tangible Book Premium/ Deposits (%) 4.45 3.66
Deal Terms
Description of Consideration

Century paid approximately $20 million in cash for all of the outstanding shares of Haymarket.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) NA
% of Shares Outstanding 24.90
Shares Under Option 44,571
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Ostrowski & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bingham McCutchen LLP
Seller Yes Warner & Stackpole LLP